PayPal has cut roughly 220 jobs in India as part of the payments firm's broader, multi-year turnaround plan laid out earlier this year, a person familiar with the matter told Reuters on Thursday.

Key Details

  • "The recent staffing changes are part of our previously announced multi-year transformation to simplify our global operations, strengthen execution, and position the company for long-term growth," a PayPal spokesperson said in an emailed statement.
  • The firm has outlined extensive cost-saving measures this year under newly appointed CEO, Enrique Lores, as it seeks to sharpen its competitive position in the crowded payments market.
  • PayPal has set a target of achieving $400 million in cost savings by year-end and at least $1.5 billion over the next two to three years.
  • Among the initiatives are plans to reduce organizational layers, improve productivity, and integrate AI and automation across the business.